Natural Resources

Resources giveaway

Some denounce redistribution of wealth from rich to poor but fall silent when public wealth transfers to the rich.

After Telus, Teck Resources Limited ranks as the largest BC company, by sales. In three years 2010 to 2012, Teck booked revenues of $31 billion, almost half from the sale of coal exported from BC. According to audited financial statements, Teck accrued resource taxes of less than $600 million, under 2% of gross revenue.

Of course, unlike BC schools and hospitals, Teck paid no carbon tax on the billions of dollars worth of carbon rich coal they exported as fuel for Asia’s ancient mills.

In the same period, 2010 to 2013, the British Columbia government collected $8 billion from all exploitation of resources, including metals and minerals, oil and gas, forestry, land tenures and other. In fact

Some denounce redistribution of wealth from rich to poor but fall silent when public wealth transfers to the rich. Here is a graphic that compares one company’s resource revenues to those realized by the province of BC.

comparison

By no coincidence, Teck and associates are the largest financial supporters of the BC Liberal Party.

teck early

Vancouver Sun link
By Ingrid Rice, from Cagle Post

Categories: Natural Resources, Taxation

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